Central bank of a country urges legislators to expedite cryptocurrency legislation in light of American sanctions.

Bank of Russia Governor Elvira Nabiullina has called for the swift approval of a bill that would allow Russia to conduct international transactions using cryptocurrencies, according to a report from TASS, a state-owned news agency. While Nabiullina reiterated the central bank’s opposition to the legalization of cryptocurrencies within the country, she emphasized the need for mechanisms that would facilitate international transactions using cryptocurrencies and digital financial assets. Olga Skorobogatova, the first deputy governor of the Bank of Russia, also revealed that the central bank had received three inquiries from businesses about the potential use of digital financial assets in international economic transactions. The urgency for bill approval arises as the US Treasury Department seeks to expand its sanctions capabilities to address the increasing misuse of cryptocurrencies by countries like Iran, Russia, and North Korea. Deputy Secretary Adewale Adeyemo recently highlighted in written testimony before the Senate that terrorist organizations and other illicit actors are actively seeking alternative ways to move their resources in response to efforts to restrict their access to traditional financial systems.